Draft ‘Sagarmala Innovation and Start-Up Policy’ Unveiled by Shipping Ministry to Foster Startups in India’s Maritime Sector
India’s Ministry of Ports, Shipping and Waterways (MoPSW) has released the draft for ‘Sagarmala Innovation and Start-up Policy’ to encourage startups and other entities in developing the country’s maritime sector. The policy leverages the ‘Blue Economy’ to provide startups with financial, regulatory, technical, and marketing support by collaborating with incubators and accelerators at various institutes. Through this policy, MoPSW aims to enable startups to grow and prosper through innovations.
Selection of Startups and Agencies through Digital Portal
The ‘Sagarmala Innovation and Start-up Policy’ draft proposes a digital portal-based selection of startups and agencies to ensure transparency throughout the selection process. The framework established in this policy document aims to facilitate the collaborative efforts of stakeholders, innovators, and startups in shaping the future of India’s maritime sector.
Centralised Repository of Relevant Information
The policy document emphasises the creation of a centralised repository of relevant information to assist emerging entrepreneurs. The repository will provide startups with valuable information on the maritime sector, which can aid them in identifying potential opportunities and developing innovative solutions.
Launchpads for Trials, Pilot Projects, and Working Spaces
The policy draft proposes launchpads at ports for trials, pilot projects, working spaces, and product adoption. These launchpads will provide startups with access to necessary resources to conduct trials and pilot projects, such as working spaces and product adoption, to aid them in developing their innovative solutions.
Promoting Innovation and Entrepreneurship in India
The ‘Sagarmala Innovation and Start-up Policy’ is a step in the right direction for creating a strong ecosystem for fostering startups and innovation in the nation, according to Ports, Shipping and Waterways Minister Sarbananda Sonowal. The policy aims to enable startups to grow and prosper through innovations, promoting innovation and entrepreneurship in India.
Reducing Logistics Costs and Enhancing Port-led Development
Led by the MoPSW, the Sagarmala programme aims to enhance port-led development in India by leveraging the country’s expansive coastline and strategically located ports along key global maritime trade routes. It aims to reduce logistics costs for both exports and domestic trade through minimal infrastructure investment. Achieving this goal requires port modernisation, port-led industrialisation, improving seamless port connectivity, and fostering the development of coastal communities.
The ‘Sagarmala Innovation and Start-up Policy’ draft is a significant step towards promoting innovation and entrepreneurship in India’s maritime sector. With the proposed launchpads, centralised repository of relevant information, and digital portal-based selection process, the policy aims to provide startups with necessary resources to develop innovative solutions. The policy’s focus on reducing logistics costs and enhancing port-led development will also benefit India’s economy in the long run.